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As part of the IRS' billion dollar effort to combat the war on offshore tax evasion the IRS has blacklisted certain Foreign Financial Institutions or Facilitators. Thus, anyone who has assets at these foreign banks and who fails to properly report and account for these assets will pay 50% of the offshore penalty within the IRS Offshore Voluntary Disclosure Program and have a higher chance of criminal prosecution if they do not participate in the Offshore Voluntary Disclosure Program.

If you want to speak to a Tax Attorney who knows the offshore and foreign asset reporting rules and ways to minimize the exposure related to these offshore activities, feel free to contact the Wilson Tax Law Group at 714-463-4430.

As part of the IRS' billion dollar effort to combat the war on offshore tax evasion the IRS has blacklisted certain Foreign Financial Institutions or Facilitators. Thus, anyone who has assets at these foreign banks and who fails to properly report and account for these assets will pay 50% of the offshore penalty within the IRS Offshore Voluntary Disclosure Program and have a higher chance of criminal prosecution if they do not participate in the Offshore Voluntary Disclosure Program.

If you want to speak to a Tax Attorney who knows the offshore and foreign asset reporting rules and ways to minimize the exposure related to these offshore activities, feel free to contact the Wilson Tax Law Group at 714-463-4430.

Bank Leumi, an Israeli bank, has entered into a deferred prosecution agreement with the Justice Department after disclosing that it had aided and assisted U.S. taxpayers to prepare and present false tax returns to the IRS by hiding income and assets in offshore bank accounts in Israel and elsewhere around the world. The agreement between the Bank Leumi Group and the Department of Justice marked the first time that an Israeli bank admitted to such criminal conduct which spanned over a 10-year period and included services and products designed to keep U.S. taxpayer accounts concealed at Bank Leumi locations all over the world. The Bank Leumi Group has agreed to pay the United States a total of $270 million, of which $157 million represents the penalty for taxpayer accounts held at the Leumi Private Bank in Switzerland. The penalty permits certain Swiss banks to avoid prosecution by making a full and complete disclosure of their U.S. taxpayer-held accounts and paying substantial penalties…

Bank Leumi, an Israeli bank, has entered into a deferred prosecution agreement with the Justice Department after disclosing that it had aided and assisted U.S. taxpayers to prepare and present false tax returns to the IRS by hiding income and assets in offshore bank accounts in Israel and elsewhere around the world. The agreement between the Bank Leumi Group and the Department of Justice marked the first time that an Israeli bank admitted to such criminal conduct which spanned over a 10-year period and included services and products designed to keep U.S. taxpayer accounts concealed at Bank Leumi locations all over the world.
The Bank Leumi Group has agreed to pay the United States a total of $270 million, of which $157 million represents the penalty for taxpayer accounts held at the Leumi Private Bank in Switzerland. The penalty permits certain Swiss banks to avoid prosecution by making a full and complete disclosure of their U.S. taxpayer-held accounts and paying substantial penalti…

The IRS has just issued a list of the countries with which the United States has in effect an income tax or other convention or bilateral agreement relating to the exchange of information. The United States agrees to provide, as well as receive, information and under which the competent authority is the Secretary of the Treasury or his delegate. The exchange of information includes the reporting of certain deposit interest paid to nonresident alien individuals on or after January 1, 2013.

The IRS has just issued a list of the countries with which the United States has in effect an income tax or other convention or bilateral agreement relating to the exchange of information. The United States agrees to provide, as well as receive, information and under which the competent authority is the Secretary of the Treasury or his delegate. The exchange of information includes the reporting of certain deposit interest paid to nonresident alien individuals on or after January 1, 2013.

The California State Board of Equalization (BOE) has issued a letter concerning the law that reinstated the State Controller’s Property Tax Postponement Program, under which the Controller can pay property taxes to county tax collectors on behalf of qualifying individuals who are over the age of 62 or disabled. Under the program, a claimant must have an annual income of $35,500 or less and at least 40% equity in his or her home. The BOE generally discusses: requirements for county assessors who receive from the Controller a notice of lien for postponed property taxes; assessors’ notice requirement to the Controller when property with a postponement lien changes ownership or a claimant transfers ownership, changes his or her mailing address, or dies; and the Controller’s duty to record a release of the lien when the amount of the obligation secured by that lien is paid in full or otherwise discharged. Applications may be filed with the Controller beginning September 1, 2016. If you or yo…

The California State Board of Equalization (BOE) has issued a letter concerning the law that reinstated the State Controller’s Property Tax Postponement Program, under which the Controller can pay property taxes to county tax collectors on behalf of qualifying individuals who are over the age of 62 or disabled. Under the program, a claimant must have an annual income of $35,500 or less and at least 40% equity in his or her home. The BOE generally discusses:
requirements for county assessors who receive from the Controller a notice of lien for postponed property taxes;
assessors’ notice requirement to the Controller when property with a postponement lien changes ownership or a claimant transfers ownership, changes his or her mailing address, or dies; and
the Controller’s duty to record a release of the lien when the amount of the obligation secured by that lien is paid in full or otherwise discharged.
Applications may be filed with the Controller beginning September 1, 2016. If you …

Effective November 20, 2014, 10 California counties will have property tax ordinances implementing the intercounty base year value transfer provisions for persons who are at least age 55 or are severely and permanently disabled. The counties are Alameda, El Dorado, Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Mateo, Santa Clara, and Ventura. The latest county to be added was San Bernardino, which adopted an ordinance in October 2014 that applies to replacement dwellings that are purchased or newly constructed in the county on or after January 1, 2014. Be careful when deciding where to move because numerous counties do not honor the base year transfer. If you or your client is at least age 55 and is considering whether to move to a new residence be sure to contact a property tax expert to make sure you don't lose your low property tax base. The Wilson Tax Law Group specializes in property tax and income tax matters. Please contact Joseph P. Wilson at 7…

Effective
November 20, 2014, 10 California counties will have property tax
ordinances implementing the intercounty base year value transfer
provisions for persons who are at least age 55 or are severely and
permanently disabled. The counties are Alameda, El Dorado, Los Angeles,
Orange, Riverside, San Bernardino, San Diego, San Mateo, Santa Clara,
and Ventura. The latest county to be added was San Bernardino, which
adopted an ordinance in October 2014 that applies to replacement
dwellings that are purchased or newly constructed in the county on or
after January 1, 2014. Be careful when deciding where to move because numerous counties do not honor the base year transfer.
If you or your client is at least age 55 and is considering whether to move to a new residence be sure to contact a property tax expert to make sure you don't lose your low property tax base. The Wilson Tax Law Group specializes in property tax and income tax matters. Please contact Joseph P. Wilson at…